| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 December 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 698.5023 hectares of land at Taoroa Station, 97 Matahiia Road, Raukumara, Ruatoria, East Cape. |
| Consideration | $2,750,000 |
| Applicant | Ingleby New Zealand LP The Ingleby Trust, Sweden (100%) |
| Vendor | Estate of Sir Peter Wilfred Tapsell New Zealand (100%) |
| Background | Ingleby New Zealand LP is a New Zealand limited partnership owned by The Ingleby Company Limited, an international farming company with a focus on sustainability (“Ingleby”). Ingleby intends to convert the land into an organic finishing farm and integrate it with its neighbouring Matahiia Station, resulting in an organic property of sufficient size to finish stock from its other East Coast organic breeding farms. Ingleby plans a substantial capital development programme to increase the productivity and efficiency of Taoroa Station. Ingleby also plans an extensive planting programme which includes the protection of wetlands and riparian zones. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(i) – Jobs 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Greater efficiency and productivity 17(2)(a)(vi) – Increased processing of primary products 17(2)(e) – Walking access 17(2)(f) – Offer to gift riverbed to the Crown Overseas Investment Regulations 2005 28(a) – Consequential benefits 28(e) – Previous investments 28(f) – Advance significant Government policy or strategy 28(g) – Enhance the viability of other investments 28(i) – Economic interests |
| More information | John O'Leary Nolans PO Box 1141 GISBORNE |